– Grants (which don’t have to be repaid)

– Loans (which do have to be repaid. Loans which are “unsubsidized” have interest that accrue throughout the life of the loan, “subsidized” loans do not start accruing interest until you graduate/leave school. Your financial aid award might have one, the other, or both.)

– Work/Study (which is “potential” money you can earn working on campus)

First, go to www.fafsa.ed.gov and fill out the application

You will need to have your tax returns for the past year or two. By filling this out, the government will crunch the numbers and tell you how much you qualify for, and how it will be awarded (grants, loans, etc).

If you have friends that have checks to pick up and spend, it’s the refund, after tuition has been paid. The money is to support your other school-related needs (room/board, transportation, books, technology, etc). These checks are most likely LOANS. It is not free money. The bill will come when you stop going to school (whether or not you graduate, and whether or not you have a good enough paying job to pay it off).

After a BA and MA, I owe ~$60k, and pay about $300/month for the next ~30 years. My interest is currently at 4.5%

So before you sign up for a loan, be very aware of the repayment terms, and plan your education accordingly!

with the additional money your friends have gotten, this can happen quite often. if you take out loans to cover more than your tuition and books the left over money goes to you to pay for other expenses. the cost of attendance will include living expenses as well as tuition and books so you could take out enough to get a check every quarter. remember, though, that loans arent free money and the more you take the more you will have to pay back after school. if you are going to take out a lot of loans, make sure you are planning on getting into a good field that will pay well after school. another hint, if you can afford to do it, is to take an internship during school. this is a great way to earn extra experience while attending school and also a possible job after. thats the one thing I didnt do and I am definately paying for it now.

you can also check into scholarships to help offset the cost of schooling. check out http://fastweb.com/ and http://finaid.org/ complete a web search for specific types of scholarships you are eligible for (ex: minority student, single parent, etc). they arent much but any free money is better than having to pay it back later! good luck and youre doing a great job with your child showing them that school is important!